The bill S. 414 is a joint resolution introduced by the Senate Banking and Insurance Committee, which seeks to approve the regulations set forth by the State Board of Financial Institutions regarding the Declaration of Dividends by State-chartered Credit Unions. Specifically, it pertains to Regulation Document Number 5286, which aims to clarify the existing legal language in Section 34-26-710 concerning the processes for declaring and paying dividends by credit unions. The resolution is presented in accordance with the provisions outlined in Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws.

Upon approval by the Governor, this joint resolution will take effect, thereby formalizing the amendments proposed by the State Board of Financial Institutions. The drafting of these regulations was initiated with a Notice published in the State Register on June 28, 2024, followed by the Proposed Regulation published on August 23, 2024. The bill reflects the ongoing efforts to ensure clarity and compliance within the financial regulatory framework governing credit unions in South Carolina.